Egypt’s PM, CBE governor inaugurate major Arab banking summit
Under the auspices of President Abdel Fattah al-Sisi, the Central Bank of Egypt (CBE) hosted on Tuesday the 48th ordinary session of the Council of Arab Central Banks and Monetary Authorities’ Governors in Cairo.
The opening session was inaugurated by Egyptian Prime Minister Moustafa Madbouly; CBE Governor Hassan Abdalla; Ahmed Aboul Gheit, Secretary-General of the League of Arab States (LAS); Fahad Alturki, Director-General of the Arab Monetary Fund (AMF); and Saudi Central Bank Governor Ayman Al-Sayari.
“This session convenes amid regional and international conditions that pose unconventional challenges, requiring innovative approaches that account for all variables, while also considering the social aspect.” Prime Minister Madbouly said in his opening remarks.
He reiterated the Egyptian government’s commitment, through a full-fledged programme, to increase the contribution of investments and exports to the GDP, thereby enhancing employment rates and creating job opportunities for the youth.
From his side, Governor Abdalla said: “The Council’s Meetings have always been highly valued by Egypt’s political leadership, as Cairo hosted the Council’s first Meeting in 1972,”
This is “out of the strong belief in the crucial role played by central banks in driving economic growth and shaping monetary policy across Arab nations, particularly in light of the ongoing geopolitical tensions and the recurring global economic shocks.”
In this regard, LAS Secretary-General Aboul Gheit commended AMF’s unwavering efforts and its significant role as a key partner to Arab governments in promoting stability and advancing the economic, financial, and monetary areas. He also acknowledged the CBE’s strides to host this major event, with an eye to bolstering co-operation and coordination among Arab countries in addressing the challenges that encounter the banking sector.
In the same context, AMF Chairman Alturki highlighted the great importance of this year’s Meetings in light of regional and global economic, financial, monetary and banking developments.
He also lauded the excellent facilities provided by the CBE for the success of this year’s Meetings and the diligent follow-up by Governor Abdalla to host the event and enhance the work and endeavours of the Council.
The Meetings discussed the outcomes of technical committees and approved several key reports. These included the 2024 Annual Arab Financial Stability Report, the Joint Arab Economic Report, and proposals for the Unified Arab Discourse to be presented at the International Monetary Fund’s (IMF) Annual Meetings.
The Council also reviewed working papers on various topics affecting Arab central banks and banks, such as managing monetary policy in uncertain environments and addressing climate change risks.
A high-level workshop on “Building More Resilient Financial System in the Digital Era” was held on the sidelines of the meeting. It discussed the implications of monetary policy and financial stability in a digital age, the use of artificial intelligence, and cybersecurity risks.
The Council’s annual meetings aim to strengthen the role of central banks, enhance cooperation among Arab countries, and coordinate their positions on international monetary issues.
